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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Remark Holdings Inc | NASDAQ:MARK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.272 | 0.27 | 0.29 | 0 | 01:00:00 |
LAS VEGAS, May 9, 2019 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, reported its financial results for the first quarter ended March 31, 2019.
Management Commentary
"During the first quarter, we continued to build-out our AI products in the large supermarket space, while working with additional partners in laying the ground work to deploy our AI solutions in the retail, public and workplace safety and surveillance arenas," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our current retail initiative is leading to tangible gains for our strategic partner in the areas of consumer targeting, engagement and in-store revenue, which bodes well for the ongoing deployment of our solutions in additional large retail venues. We're also executing against an active pipeline of proof of concept initiatives that introduce our proprietary technologies, application flexibility and cost-efficient approach to a range of blue-chip companies in China and Southeast Asia.
"We are on track in divesting Vegas.com and moving forward in our transition into a pure-play AI enterprise. The sale will allow us to reduce our debt, restructure our balance sheet and streamline our cost structure, while expanding our ability to work with strategic partners in the AI space. We remain focused on launching our AI solutions in multiple sectors, with the goal of building a stream of recurring revenues, supported by modest recurring capital costs."
Recent Highlights
Three Months Ended March 31, 2019 compared to Three Months Ended March 31, 2018
Conference Call Information
Mr. Tao will hold a conference call today May 9, 2019 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these financial results. A question and answer session will follow management's presentation.
Toll-Free Number: 866-548-4713
International Number: 323-794-2093
Conference ID: 1500520
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be broadcast simultaneously and available for replay via the investor section of the Company's website here.
A replay of the call will be available after 7:30 pm Eastern time on the same day through May 13, 2019.
Toll-Free Replay Number: 844-512-2921
International Replay Number: 412-317-6671
Replay ID: 1500520
[Tables to follow]
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
Company Contact:
Alison Davidson
Remark Holdings, Inc.
adavidson@remarkholdings.com
702-701-9514
Investor Relations Contact:
Brad Edwards
The Plunkett Group, Inc.
Brad@ThePlunkettGroup.com
212-739-6740
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
(dollars in thousands, except per share amounts) | |||||||
March 31, | December 31, | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 16,512 | $ | 14,410 | |||
Restricted cash | 11,139 | 11,138 | |||||
Trade accounts receivable, net | 4,416 | 6,369 | |||||
Prepaid expense and other current assets | 13,500 | 12,128 | |||||
Notes receivable, current | 100 | 100 | |||||
Total current assets | 45,667 | 44,145 | |||||
Property and equipment, net | 9,654 | 10,570 | |||||
Operating lease assets | 6,108 | — | |||||
Investment in unconsolidated affiliates | 1,960 | 2,005 | |||||
Intangibles, net | 16,749 | 17,930 | |||||
Goodwill | 18,514 | 18,514 | |||||
Other long-term assets | 852 | 644 | |||||
Total assets | $ | 99,504 | $ | 93,808 | |||
Liabilities and Stockholders' Equity | |||||||
Accounts payable | $ | 21,276 | $ | 30,876 | |||
Accrued expense and other current liabilities | 31,921 | 24,664 | |||||
Deferred merchant booking | 10,747 | 4,664 | |||||
Contract liability | 6,089 | 4,063 | |||||
Note payable | 3,000 | 3,000 | |||||
Current maturities of long-term debt, net of unamortized discount and debt issuance cost | 35,547 | 35,314 | |||||
Total current liabilities | 108,580 | 102,581 | |||||
Operating lease liabilities, long-term | 7,339 | — | |||||
Warrant liability | 2,799 | 1,383 | |||||
Other liabilities | 254 | 2,968 | |||||
Total liabilities | 118,972 | 106,932 | |||||
Commitments and contingencies | |||||||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued | — | — | |||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 40,722,229 and 39,053,312 shares issued and outstanding; each at March 31, 2019 and December 31, 2018, respectively | 41 | 39 | |||||
Additional paid-in-capital | 310,618 | 308,018 | |||||
Accumulated other comprehensive income
| (62) | 32 | |||||
Accumulated deficit | (330,065) | (321,213) | |||||
Total stockholders' deficit | (19,468) | (13,124) | |||||
Total liabilities and stockholders' deficit | $ | 99,504 | $ | 93,808 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||
(dollars in thousands, except per share amounts) | |||||||
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 19,463 | $ | 16,724 | |||
Cost and expense | |||||||
Cost of revenue (excluding depreciation and amortization) | 4,369 | 4,032 | |||||
Sales and marketing | 10,107 | 9,351 | |||||
Technology and development | 3,502 | 3,049 | |||||
General and administrative | 4,606 | 18,564 | |||||
Depreciation and amortization | 2,472 | 2,718 | |||||
Other operating expense | 251 | 216 | |||||
Total cost and expense | 25,307 | 37,930 | |||||
Operating loss | (5,844) | (21,206) | |||||
Other income (expense) | |||||||
Interest expense | (1,525) | (1,406) | |||||
Other income (expense), net | (41) | 11 | |||||
Change in fair value of warrant liability | (1,416) | 8,610 | |||||
Other loss | (26) | (31) | |||||
Total other income (expense), net | (3,008) | 7,184 | |||||
Loss before income taxes | (8,852) | (14,022) | |||||
Benefit from (provision for) income taxes | — | (31) | |||||
Net loss | $ | (8,852) | $ | (14,053) | |||
Other comprehensive income (loss) | |||||||
Foreign currency translation adjustments | (94) | 198 | |||||
Comprehensive loss | $ | (8,946) | $ | (13,855) | |||
Weighted-average shares outstanding, basic and diluted | 39,258 | 32,395 | |||||
Net loss per share, basic and diluted | $ | (0.23) | $ | (0.43) | |||
View original content to download multimedia:http://www.prnewswire.com/news-releases/remark-holdings-reports-first-quarter-2019-results-300847659.html
SOURCE Remark Holdings, Inc.
Copyright 2019 PR Newswire
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